Happiest Minds Technologies’ ₹ 702-crore IPO was over-subscribed by a whopping 150.98 times oversubscription on the last day on September 9, 2020, making it one of the most subscribed share offerings in recent history. The qualified institutional buyers (QIBs) portion was subscribed 77.43 times, non-institutional investors 351.46 times and retail individual investors 70.94 times, data available on the exchanges revealed.
The public issue was open for bidding between September 7 and September 9, 2020, and is likely to be listed on both BSE and the NSE on September 17, 2020.
The initial public offer included a fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares, at a price band has been fixed at ₹ 165-166 per share. At the upper end of the price band, the IPO will garner ₹ 702 crore.
Happiest Minds Technologies plans to use the IPO proceeds for long-term working capital requirements and general corporate purposes.
Ahead of the ongoing IPO, Happiest Minds Technologies had raised ₹ 316 crore from anchor investors, including the Government of Singapore, Kuwait Investment Authority and Goldman Sachs.
Happiest Minds Technologies is headquartered at Bangalore. It provides digital business services to clients situated in the US, UK, Australia, Canada and Middle East.
The Happiest Minds IPO is the third public listing this year, after SBI Cards and Payment Services’ offering in March and that of Rossari Biotech in July.